Carey Olsen has reported it was instrumental in acting swiftly on behalf of the Commission to secure the urgent protective relief sought for investors and for the Bailiwick as a whole, enabling the administrators and liquidators to gain access to the group to carry out their statutory duties Carey Olsen’s Dispute Resolution Group successfully secured […]

ISLANDERS with thousands of pounds invested in funds operated by Providence, the Guernsey-headquartered investment business, could be facing losses following global regulatory moves. Both the Guernsey Financial Services Commission and the US funds regulator, the Securities and Exchange Commission, have taken action in recent weeks and there are concerns that the island’s reputation will be […]

Providence Financial CEO Antonio Buzaneli touted the Guernsey office in the British Channel Islands in a YouTube video. https://www.youtube.com/watch?v=u5l2b_ITJEE Now the fund has been suspended and the directors have resigned; investors will likely lose their nest eggs. International authorities are participating in investigations into Miami-based Providence Financial Investments and its affiliates, which took in the […]

On 9th August 2016 by order of the Royal Court of Guernsey on the application of the Guernsey Financial Services Commission (the “Commission”), Andrew Isham and Phil Bowers of Deloitte LLP were appointed as the Administration Managers to Providence Investment Funds PCC Limited (’the Fund’) and and its manager Providence Investment Management International Limited (‘the […]

The GFSC (Commission) recently held an interactive seminar which was attended by approximately 85 representatives from insurance intermediaries, insurance companies, insurance managers and retail banks. In selecting the topic for this year’s seminar, the Commission recognised that significant changes will be faced by the insurance industry this year with the coming into force, on 12 […]

Following a short consultation with industry the Commission has today issued revised Annexes to the Financial Services Business (“FSB”) and Prescribed Business (“PB”) Handbooks on the use of technology in the customer due diligence process. The updates have removed the guidance on the use of online utility bills and clarified further the interplay between the […]

It is widely accepted, anecdotally at least, that Guernsey is experiencing an increase in the number of investigations undertaken and sanctions imposed by the Guernsey Financial Services Commission (the GFSC).  Such sanctions can be hefty financially and may have significant consequences professionally, particularly in cases where a prohibition order is made against an individual.  Bearing […]

Investors reportedly face selling their shares at a “dismal”, heavily discounted price compared with the net asset values (NAV) published by EEA. In an update to shareholders, David Trinkwon, founder of the EEA Investors’ Group, expressed concern that many potential sellers are not aware of the full picture. He wrote: “After losing up to 40% […]